Cryptopia exchange hacked

[mk4]

Good timing, ain't it? Just 2 weeks after the "Proof of Keys" event. Remember: "NOT YOUR KEYS, NOT YOUR BITCOIN" -Aantonop


From Cryptopia_NZ Twitter(https://twitter.com/Cryptopia_NZ/status/1085084168852291586):

[1714995736]

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[avikz]

The list of hacked exchanges are just getting larger. That is the downfall of the strictly centralized exchanges. In 2018, hackers managed to syphon out around 731 million usd from exchanges and cryptopia is the first one in 2019. I am sure, this is not the end and the list will grow even larger in 2019.

Can decentralized exchanges be the solution to prevent such hacks? Since centralized exchanges keep their money into a centralized location, it's lucrative for the hackers. But in decentralized exchanges, handling of money is controlled by the users and not kept in a centralized location. What do you guys think? Should we pay more attention to decentralized exchanges going forward?

[dothebeats]

It's quite unusual that even at this day and age, with a lot of techniques and new practice on safeguarding a platform, hackers are still able to get through even with the robust of security systems. I wonder how tight their security are and what their system admins do for the hackers to still find a vulnerability on the platform. Also, this stresses the age-old question of whether to keep your funds in an exchange or not, and the answer is laid right before our eyes every time a theft occurs.

[Thirdspace]

what kind of security breach? any detailed info on the losses, which coins are affected?
could it be coincidence that they just changed their terms & risk statement policy a few months earlier
anyhow... most likely this would end bad just like other hacked exchanges,
and exchange users will always become the party that suffers the most losses

[100bitcoin]

Damn. Another chaos begins.

https://www.coindesk.com/new-zealand-crypto-exchange-cryptopia-goes-offline-citing-major-hack

[mk4]

It's quite unusual that even at this day and age, with a lot of techniques and new practice on safeguarding a platform, hackers are still able to get through even with the robust of security systems. I wonder how tight their security are and what their system admins do for the hackers to still find a vulnerability on the platform.

Yep, pretty much everything is bound to be hacked at some time, not only exchanges. It's mostly just a matter of "when".

There's this famous quote from Robert Mueller(non verbatim): "There are only 2 types of companies: those that have been hacked, and those that will be hacked."

Also, this stresses the age-old question of whether to keep your funds in an exchange or not, and the answer is laid right before our eyes every time a theft occurs.

Pretty much. People will never learn I guess.

*snip*

Not 100% sure. Their Tweet was just approximately 6 hours ago. They haven't gave out ample information about the breach yet. There are rumours about huge number of ERC-20 tokens being lost.

Check this out: https://twitter.com/xGozzy/status/1085112959179866113

*snip*

Very unfortunate, but this is really nothing surprising.  

[bitfocus]

another exchange gone down! by the way, what type of breach was that? any detailed information?

[KingScorpio]

waves dex never suffers from hack attacks,

stop using centralised exchanges

[100bitcoin]

waves dex never suffers from hack attacks,

stop using centralised exchanges

Does it deal with FIAT as well?

[evanescence]

They lost around 20k ETH.
A token listing there cost 350 ETH at one point (paid in DOT).
They listed around 500 tokens.
Their fees are amongst the highest in crypto.

I think they have a responsibility to use their profits and put the exchange back on live.

[Birb]

I never used this exchange. I strictly use Binance for the security.  I hope anyone that lost some ETH will get their funds back.

[Xardasim]

This is sad news. But this kind of things should normally welcomed. So it is impossible to set up the best system on the internet and every brain can be superior than another.

waves dex never suffers from hack attacks,

stop using centralised exchanges

Could it be because just WAVES is traded? It is difficult to see liquidity in this exchange. As far as I know, this exchange is a beta version and I hope it will be better when main DEX will be released. But I do not think it is useful for now.

[miner2k]

 A sad day indeed.  Someone walked away with a couple of million that doesn't belong to them.  A lot of people took a horribly unfair hit.. and the damage done to crypto continues to climb.  To the Cryptopia Hacker.. You are a disgrace to the technology and the human race as a whole.

[abstractednerve]

waves dex never suffers from hack attacks,

stop using centralised exchanges

Decentralized exchanges are also not secure enough, mate. Last year, Bancor faced a massive hacking incident and 23 Million USD was taken by the hackers! Therefore, Etherdelta exchanges had a few hacking experiences! But Overall, in this way, Decentralized exchanges are better than Centralized ! At least my funds are the only mine, not for any others cold wallet or centralized wallet!

[BitHodler]

Even though these hackings are quite normal for a person who is in this field for a long time, they might frighten newcomers.

I don't think newcomers are that frightened to be honest. If they really were, they wouldn't blindly use an exchange that has quite a bad reputation in the industry, which is very easy to fact check by using Google.

People nowadays Google everything, so there isn't much preventing them from doing the same with crypto exchanges. These exchanges are attractive because they list utter shitcoins other exchanges don't want to list.

It creates an incentive for people to sign up and send funds over to an exchange as Cryptopia. People like investing in shitcoins because they are cheap and pump harder than the top tier crypto currencies.

[rodel caling]

Really sadness news specially to the users cryptopia exchange, but nothing to do these bad news is to wait the system become fix and thhe management promise to give update for this matter.
Hope this news not affected the bitcoin price going to drops lower than today value, and for the cryptopia exchange management i think this a lesson to always exchange the technique of how to secured theirs interest to avoid this hacking scenario.

[BitMaxz]

I have few coins on Cryptopia it seems that my coins will be stuck forever. Well, it's not big amount but those coins are coins that I mined last year.
I'm a little bit late to know this news honestly.

Let's hope that Cryptopia will be back online with a piece of good news but if they announce bad news that all coins are gone better to move on. I am sure they will never give our coins back.

And I'm sure there is a big price drop coming. 

[pcfli]

Good timing, ain't it? Just 2 weeks after the "Proof of Keys" event. Remember: "NOT YOUR KEYS, NOT YOUR BITCOIN" -Aantonop


From Cryptopia_NZ Twitter(https://twitter.com/Cryptopia_NZ/status/1085084168852291586):

I always choose other methods for storing my crypto especially my bitcoins. Cryptopia is not A class exchange and they always delay withdrawals no matter how much you want to cash out. Hope hacked exchanges will be able to gave back losses to customers.

[creeps]

waves dex never suffers from hack attacks,

stop using centralised exchanges

It is still not guaranteed that decentralized exchanges are safe. This is very unfortunate for cryptopia to suffer from a breach or what. This is alarming now because a lot of exchanges now are already hacked or suffer from this system breach, this can affect the market and of course the trust of every investors, we should choose a more safe exchange which I think its hard to find now.

[pugman]

What the hell?

Ugh, can we ever get an exchange that allows you to have your own keys? EVER? Jesus fucking Christ, we only need more reasons to show people how things change.

Is there any word on whether or not the lost funds would be compensated to its users?